A new report that has been published by the Institute of Chartered Accountants of Scotland (ICAS) makes a number of recommendations for reforming the tax system.
This report is called ‘The Future of Taxation in the UK’ and it argues that the tax laws in this country are currently too long and complex, making it more difficult for businesses and individuals to understand what they need to do to fulfil their obligations. The report cites a resistance within government towards raising the rates for taxes that bring in the highest revenues as one of the reasons for this.
It also argues that the trouble people have in understanding the existing tax system, as well as a feeling that the wealthy and big corporations are able to exploit the current laws, has made many individuals and owners of small firms feel that the situation is unfair and question why they should comply with it voluntarily. ICAS recommends that the government should do more to promote the importance of tax to society and to publicise success in shutting down tax avoidance.
Finally, the report from ICAS points out that developments like AI and digitalisation, as well as globalisation, are creating challenges for UK businesses and outlines some possible tax reforms to help them. Hiring an accountant that specialises in tax return services in Goole, and across the UK, is something firms can do now to help ensure they don’t fall foul of the system.